Is it worth us writing a will?

localhero

Pee wrote:

And it's worth considering whether your parents would want the money or whether it would complicate their situation with regard to nursing home fees and they would rather the estate pass to your siblings or nephews and neices.

.....or if the value of the parents' assets are close to or exceed the combined IHT threshold of 650K.

thorsoak wrote:

One point - if not at the moment, you should both be registered as TENANTS IN COMMON on your property not JOINT TENANTS - this way each of you owns HALF of the property and therefore on death, only HALF counts towards any IHT bill (and of course it doesn't apply to the first death of a married couple).

Be careful here. Owning the property as tenants in common no longer assists with minimising IHT now that married couples can double up on the nil rate band. There are some good reasons to own as TIC however, but if you do so it is essential that Wills are made to ensure the other co-owner is protected.

OP, the other main advantage to making a Will is that you appoint executors to administer your estate - ie somebody that you trust to carry out your wishes properly.

goggle

IMO: EVERYONE needs a will ...